Category: Business

Is it too expensive to hire your own office? Try the a serviced office or a coworking space which you can get on a short contract. Some charge on a daily basis, so you get to use only when there is a need. According to some surveys, most start-ups and people who work on contracts like real estate contractors prefer to use services offices when there is a need. Try the serviced offices melbourne today to enjoy state of the art facilities and comfort at affordable prices. Below are some of the numerous benefits of using such offices.

Benefits

You can hire on short term basis

If your work needs come in short term basis, then hiring serviced offices is an appropriate option to use. Better still, a coworking space will be perfect especially if the work does not need any privacy or corporate standards. Most serviced offices allow their clients to hire for a specific number of days, but they are flexible enough for addition and subtractions.

Saves on cost

Imagine working in an office or space where no one delivers electricity bills or any other overhead cost. This is the case with the coworking spaces and serviced office. The cost is by far cheaper than maintaining your own office with all the cost coming to you. No wonders! Most business startups prefer to use this kind of offices and working spaces at the beginning.

Enjoyable extra facilities

Upon paying your agreed rate, you get to enjoy a plethora of facilities like a coffee amenities, Internet access, free water access to a boardroom and a printer just to mention but a few. They manage to lower the cost despite such amenities since they are shared facilities. So, there is no need to incur too much cost equipping a whole office while this option is available.

No maintenance and servicing

With serviced offices and coworking spaces, someone else worries on your behave regarding the serving and maintenance of the facilities. All you have to bring along is a personal working tool like a laptop, notebooks, and pens. Furthermore, the assist staff is well trained and ready to offer excellent services.

Meeting other like-minded people

Apart from executing the work that made you hire the office space, this experience exposes one to a great deal of socialization with like minded people. Coworking to be precise is a great way to get mentorship from other who have made it in your line of work. They usually have bonding sessions organized by the facility.

SMEs represent a major share of business activity in the nation. They are also the backbone of their market because many of them work directly as suppliers of other SMEs in different seconds. Entrepreneurs who rapidly succeed when offering a new product in a new market do so because they understand a thing or two about their target markets. Unfortunately, many other people go to their respective markets blindly. They hope that a product will be successful yet they are not doing things in the right manner. Here are the benefits of relying on marketing research when managing a business venture.

It improves your communication with customers

Marketing research lets you organize all the information about customer intelligence into actionable steps that you can use to direct your employee-customer engagements. The information you get from a market research report shows you the formula to use when approaching a specific class of customers. You also learn the most effective channels, formats, and types of communication to apply to the target customers. You end up with a report on what your customers want, the way they think about the particular brand, what they are willing to sacrifice, and their sensitivity to prices. Thus, you can attack their weak points.

It helps you spot opportunities in the market

You may be manufacturing a product because of a niche market you identified over a year ago. Market research could reveal that there is an aftermarket need for part of the raw material that you use to curve a new niche without spending money on new production facilities. Such research is also notable for helping businesses to shelve their plans when the market is not ready thus saving funds that would instead go to waste in futile advertising campaigns. The information you get from the market lets you modify your offerings so that they are attractive according to the criteria used by customers to make purchases.

It helps you position yourself in the market

There are brands known for priciness. Others are famous for low-cost offers while others lack a perfect identity. Market research gives you the right information to shape your positioning strategy. For instance, it can allow a restaurant to differentiate its menu so that it attracts clients who are interested in its menu. Meanwhile, the market research would allow it to know the most frequent meal-taking time and the nature of its customers so that it finds creative ways of up-selling them on other accompaniments in its menu.

It helps you cut risks

Most SMEs that are not connecting to services are losing great opportunities for risk minimization. They are getting into markets they do not understand hoping that they will learn in the process. They are learning the hard way when they could get all the knowledge in a condensed from a market research supplier at any time. The information comes with situational reporting to give a potential outcome of all conceivable options that a business would take. Therefore, the SME could avoid the risk of cutting supplies of its present product.

Managing a business is not the easiest task, because it takes a lot of time, dedication and planning. If you are a business owner or proprietor, the last thing that you need is to handle all the mundane tasks of calculating salaries and printing payslips. Your company may not be big enough to have your own payroll system or staff to manage the matter. You may want to consider an online payroll system with a professional service provider.

Managing a business

Any company owner, who have been operating their business for a few years knows that hiring a staff member means more than just paying wages. There is the insurance, benefits and other entitlements that have to be paid. And in fact, having an employee who really does work only once a month or every two weeks is not very practical. In such a situation a company manager can outsource certain processes to other enterprises that specialize in such matters.

What is outsourcing

Business process outsourcing have been around for many years. In fact, there are so many areas of an operation that can be given to other people to handle so that the company can reduce overheads. Here are some of the areas that can be outsourced.

Marketing

We have all heard of call centers where people call consumers and businesses and offer products over the telephone. In fact, the people who call may be representing an entirely different firm. They will contact people and either make sales or set up appointments so that their client can visit a potential customer.

Payroll

A company can contract another firm to handle all the aspects of this area with ease. The only work that needs to be done is the entry of the hours worked. The entire process can be done online, and the accounting firm that handles the calculations will take care of all the direct deposits of salaries and tax filings on behalf of the company. There will be no need to bother about printing pay slips because all of these will be done by the third party firm and delivered at no additional cost.

Human resources and recruitment

Human resources agencies are plenty these days, and if you are looking for a new staff member, you can contact one of these companies and ask them to find you talent. Yo will not have to bother about advertising and interviews anymore. You can find the best candidate without doing much work.

Electronic commerce is a type of technology that involves buying or selling goods online. It is the art of making business transactions that include transfer of information or funds over the internet. E-commerce enhances the exchange of goods and services without encountering barriers of distance or time. Many small and large-scale businessmen and women have turned to e-commerce due to its convenience and ease of operation. Despite these, it may sometimes prove to be complicated to beginners. However, one can easily get an E-commerce course.

The following is a beginner’s guide to successful electronic commerce;

Getting acquainted with E-commerce

The e-commerce store

E-commerce store is simply an online shop where all goods and services are displayed for potential buyers to access. A beginner should set up an e-commerce store and get well acquainted with all provisions to allow the customers to access the store and buy goods and services. Opening the store does not need any complicated sources or undertakings, anybody with a website can open it and will only need security and a way to process the payments.

Getting started with E-commerce

After setting up a store, the business will now need to run whereby one will need products or services to sell for the business to prosper. There must be an effective marketing strategy to attract potential customers to buy goods from your store. This may include social media advertising, internet postings and other digital marketing strategies. There should also be an effective delivery platform for goods the consumer buys.

Create a Domain Name

A domain name is simply a web address that that distinct you with the business and the online store. For customers to access the online store, they will need to type in the web address to access your online store. It is always advisable to acquire an own custom domain for complete security and professionalism

Effective Payment Platform

For efficiency in running an e-commerce, you should have a secure and safe way of making or receiving payments. There should be a smooth approach to authorizing customer’s transactions after purchasing goods. There are varieties of payment means which include PayPal, Stripe, and others which make it easier to process transactions.

Product Delivery to Customers

There is always a big challenge when it comes to delivering the products to customers after purchase. One should come up with a workable delivery system that is faster and easy to win customers confidence. A beginner should, therefore, consult a dedicated shipping fulfillment service to make the delivery.

Sukanto Tanoto is a successful entrepreneur who has managed to grow his business over the years. He is now well respected as a global leader in the natural resource manufacturing. His success, however, did not come overnight. He has gradually grown into the business up to where he is right now. This is why even now, he is still passionate about mentoring entrepreneurs. Entrepreneurship is about sacrifice and hard work. However, this is not all you need to become a successful entrepreneur in your field. This is why most beginners look up to Sukanto Tanoto for inspiration.

Business lessons

Spot business opportunities and implement them

Just like any other entrepreneur, Sukanto Tanoto is always spotting gaps in the market and looking for solutions. Every business person understands the importance of being unique and taking advantage of the unexploited market. In the case of Tanoto, he discovered the need for plywood in Indonesia and set a plant in the country to process the logs of wood into plywood.

Under promise but over deliver

As an entrepreneur, it is easy to be over ambitious and get excited when a business deal comes your way. At this time, it is important to remember that the main rule in business is under promising but over delivering. The logic behind this is very simple, if you under promise, you lower the expectations of the client, and once you deliver beyond the agreement, they are amazed by your work. Tanotos Plywood Company was completed four months ahead of schedule.

Education is important

The need for education can never be underestimated in the modern world. Formal education helps in doing better in business and achieve more. At first, Tanoto did not have formal education, however, after establishing the business, he realized the need for formal education. That is why he went to universities like Harvard for management courses to improve and grow his business.

The society is important

Creating a business is not all about creating money and wealth. As you grow a business, it is important to remember the society around us. Giving back to the society is part of cooperate social responsibility that every business has. This is why Tanoto’s business is based on people, planet, and profits. Every business that cares about profits only is bound to fail at some point.

As the curtains are about to fall on the year, there’s no better way to show appreciation to your customers than by offering them corporate gifts. It is high time organizations moved away from the norm and started offering gifts that are unique. Pens, diaries and calendars branded with your company’s logo have become a bit too mainstream.

Look for a great and unique gift that is relevant to the individual receiving it. It should be a gift that shows how much you appreciate your client; not a marketing strategy for your product or service. The following gifts will be a great choice as the year comes to an end:

1.An amazing experience

Memories are made of great experiences. You can treat your clients to a dive trip, cooking class or an experience in a fighter jet. It doesn’t have to cost a lot. There are plenty of cool and affordable experiences you can purchase as gifts

2. Books

In these modern times it is rare for people to receive books as gifts. I’m not talking about eBooks. I mean books with pages that you can flip through and smell. A well-considered book is actually a great corporate gift choice to a client.

3. A gift basket

By gift basket I don’t mean a basketful of products that are irrelevant to a client. Go for a smart gift basket filled customized products that one can use. For this to happen you have to think about the kind of person the recipient is. What does their business deal in, what does he love, what does he joke about, where is their business heading-these are some but a few questions to consider.

4. Membership

Maybe your client has been trying to get into shape lately. A gym subscription would make a perfect gift choice. She might be interested in doing yoga, Why not get a 3-months membership to a Yoga studio? Such corporate gifts are unique, well thought out and appropriate.

5. A gift focusing on one’s wellbeing

You can buy your client a gift voucher for a day of spa treatment or a classic concert. It will be hard for him/her not to feel appreciated and thought of. Such gifts create a personal connection with your client. They also promote one’s mental wellbeing and health.

6.Magazine subscriptions

With so many magazines to choose from, you can gift your client with a subscription to a relevant magazine. If your client runs an interior décor business, you can give her a years’ subscription to a home magazine. The best part in giving such a gift is that every month your client gets to be reminded of you.

Undoubtedly, it is everyone’s dream to own a business and become their own boss. Nonetheless, no matter how fascinating this may be; it’s not easy as you may think. I am not implying that it is totally impossible; absolutely not! All I mean is that you have to work hard and smart to succeed in your home based business.

In the real sense, those who have already succeeded would agree that it is not impossible at all to prosper in this field as long as you have the necessary knowledge, skills and determination to take you through. Starting a home based business comes with its own set of requirements; in any case it is still a legitimate business that is recognized by the government and hence expected to contribute in one way or another to the economy besides uplifting your own standards. So, what do you need to do or have when starting a home based business? Which are some of the greatest tips that will help you succeed? And what can you do to avoid disappointments? Certainly, these are the questions you should endeavor to find answers to, if you are to thrive in a home business.

To begin with; what are the requirements for a home based business?

Just like any other business, you must comply with certain statutory requirements. These include licensing, permit, registration and insurance.

Business licensing and permits: Although some home based businesses may seem like you don’t need any licensing or permit, it is a statutory requirement to obtain one for whichever kind of business as long as it is generating income. If you decide to sell items on eBay for example, you must obtain an auctioneer’s license and permit. Furthermore, you do not want to risk high fines or business closure because of something you can easily handle.

Business registration and insurance requirements: Essentially, you need to register you business name with the proper authority to make it legal and recognized. Regardless of the kind of business you decide to start up, there are certainly some rules and guidelines about its registration. Conversely, it is highly necessary to take up an insurance cover for your business; besides you wouldn’t want to risk everything you have worked for in the case of any risks or disasters. It is extremely advisable to protect your registered business name by filing for a trademark protection.

What are some of the tips you need to know when starting your business?

Everything you need to know about starting a home business is quite extensive; much of which you can learn from the internet, successful entrepreneurs and basic market research. However, we shall have a review of just the main considerations.

Start-up capital: The start-up capital varies depending on the kind of business you wish to start and its major requirement. Therefore, you need to ensure you have enough capital that will give your business a head start in the market. You can borrow money from friends, family, use your savings or borrow a small business loan to start things.

Create an incentive that will promote your business or boost its recognition. You can as well, make some print outs and distribute to people.

Finally, the way you set up your home based business may determine the kind of tax privileges you receive. This pertains to your bank accounts, personal funds, and financial statements.

Conclusively, to avoid, or rather minimize some disappointments, always plan your business activities in a systematic and don’t be in a hurry for quick cash. Additionally, never skimp on marketing; this is the only known area where “you spend money to earn more money.”

No matter how simple this might appear to be; always bear in mind that starting a home based business is not something that you just wake up one day and decide to do. Planning is the ultimate key. Good luck.